ABI releases guidance on basic advice

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The Association of British Insurers (ABI) has released new guidance on basic advice which aims to help providers understand and interpret FSA regulation and improve consumer knowledge and confidence.

In the Model Guide for Customers on Basic Advice, the ABI defines basic advice as “a short, simple form of savings and investment advice, which could suit many people, including those who are new to saving and investing, or those whose financial needs are straightforward”. The guide says advisers must ask consumers standard questions to assess whether a particular stakeholder product is suitable for them. The stakeholder range includes a pension, medium-term investment products, a Child Trust Fund and a cash deposit account. The ABI says a new Frequently Asked Question (FAQ) on the Fi...

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